Benjamin Cohen, founder of the analytics platform Into The Cryptoverse and a popular crypto blogger whose posts on X (formerly Twitter) are followed by around 1.1 million people, expressed the opinion that investors should not expect a repeat of the classic crypto bull market seen in 2020–2021. In his view, the current dynamics of Bitcoin are fundamentally different from the situation several years ago.
Cohen noted that the growth of the first cryptocurrency today is not accompanied by mass interest in the crypto market as a whole. Unlike previous cycles, when the growth of Bitcoin became a driver for most digital assets, now the main movement is concentrated exclusively around $BTC . Altcoins, according to the analyst, have long only concealed their own weakness due to Bitcoin's high dominance, but have failed to form a stable upward trend.
The expert warned investors against attempts to artificially "recreate" the bull market model of 2020–2021. As an argument, he cited the Advance/Decline index (#ADI ), which reflects the ratio of rising to falling assets among the top-100 cryptocurrencies. According to Cohen, this indicator has been in a stable downward trend since 2021, indicating systemic problems within the market.
The analyst reminded that in the previous cycle the growth of Bitcoin was accompanied by the active participation of a wide range of crypto assets. At that time, the ADI index was confidently rising, signaling a healthy and balanced market. Under current conditions, the picture looks diametrically opposite: most altcoins are either stagnating or continuing to lose ground.
Since the end of 2021, according to Cohen, the ADI has shown almost continuous decline. This indicates that the current Bitcoin rally is more protective in nature. Investors view the first cryptocurrency not as a tool for aggressive growth, but as a relatively more reliable refuge amid the overall instability of financial markets.
He also explained that the growth $BTC was largely driven by capital redistribution: market participants were exiting altcoins and transferring funds into Bitcoin, complementing this process with point purchases from institutional investors. At the same time, alternative cryptocurrencies could not support the leader's movement due to insufficient liquidity and weak demand.
An additional negative factor, according to the analyst, has been the constant emergence of new tokens. Their issuance leads to even greater fragmentation of trading volumes and dispersion of liquidity, hindering the formation of stable trends in the altcoin segment.
In conclusion, Cohen emphasized that the prolonged bull market of Bitcoin over the past few years has concealed fundamental problems of alternative cryptocurrencies. However, now, when the first cryptocurrency has been in a phase of stagnation for about a year, the weakness of the rest of the market has become much more noticeable and increasingly harder to ignore.
Additionally, let us remind that earlier analysts from Wintermute noted: in 2025, the average duration of altcoin growth periods was about 20 days, which also indicates the short-term and unstable nature of movements in this market segment.